Snap generated $320 million in revenue, growing 39%
Snapchat parent Snap (SNAP) reported its first-quarter 2019 earnings after the closing bell on Tuesday, April 23. The social media company shared another strong earnings report after its fourth-quarter growth impressed markets.
Snap generated revenue of $320.4 million during the first quarter, growing 38.9% year-over-year. As the graph below shows, the company’s top-line growth has been pretty steady over the last few quarters. Wall Street was expecting revenue of $306 million.
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Snapchat reined in its net loss in the first quarter
The company was also able to rein in its expenses to an extent. Snap posted a net loss of $310.4 million during the first quarter, compared to a loss of $385.8 million in the corresponding quarter last year. The company lost $0.10 per share, slightly better than the loss of $0.12 per share Wall Street was expecting.
While revenue growth remains robust, and the company continues to rein in expenses, it’s not out of the woods yet. The company recorded a loss of $310 million on revenue of $320 million, suggests that its total expenditure is nearly twice its revenue, which doesn’t paint a pretty picture. However, the good news is that Snap is heading in the right direction.